Australian Investment Outlooks 2026: CPD Certificate Quiz Survey

We hope you enjoyed watching and reading our suite of Outlooks for 2026. Please ensure that you've watched the videos and read all the articles in order to complete the quiz below and earn your CPD points. You must score 80% in order to gain the CPD certification.

*Please note that questions with an asterisk require an answer.

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* 1. Your details

Full Name

Company

State

Multi-Asset: Sebastian Mullins

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* 2. What is cited as a major shift in global economic policy influencing markets as we move into 2026?

Return to monetary austerity with low government spending

Fiscal policy taking a leading role over monetary policy

Central banks regaining full independence from governments

Reductions in government intervention across developed economies

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* 3. According to the article, what risk arises from major technology companies increasingly financing AI investment with debt rather than cashflow?

It may trigger a sudden improvement in credit quality

It could fuel an asset bubble that might unwind sharply

It will lead to an immediate crash in equity valuations

It guarantees strong, sustained profit margins for tech firms

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* 4. Which regions does the outlook suggest will likely outperform and attract a positive equity allocation in 2026, apart from the US?

Europe (particularly the PIIGS), Japan, and Emerging Markets including LATAM

Only North America and China

The Middle East and Africa exclusively

Australia and New Zealand only

Australian Equities: Martin Conlon

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* 5. According to the commentary, what is a defining feature of the current global equity market environment?

Stability driven by balanced government budgets

Persistent imbalance and rapid structural change

Consistent outperformance of manufacturing sectors

Declining influence of technology companies

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* 6. What is identified as a significant differentiator of the Australian economy compared to other Western economies?

Larger manufacturing sector

Smaller construction and financial services sector

Greater reliance on mining, financial services, and construction

Lower population growth due to restricted immigration

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* 7. In the financial services sector, equity outperformance in recent years has primarily been driven by:

Strong earnings growth across all institutions

Expansion in price-to-earnings and price-to-book multiples

Rapid volume growth in home loans

Superior cost discipline and restructuring

Private Equity: Claire Smith

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* 8. According to the article, which of the following is highlighted as a key advantage of small and mid-cap private equity compared to large-cap private equity and public markets?

Higher exposure to large tech companies

Greater supply-demand imbalance in favour of managers

Improved sector and geographic diversification

Reduced need for manager discipline

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* 9. What caution does the article raise concerning evergreen funds targeting private equity secondaries?

Evergreen funds typically produce lower liquidity

Managers are paying above-average prices for LP portfolios, potentially reducing pricing discipline

They provide less diversification compared to listed markets

Evergreen funds are restricted from participating in co-investments

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* 10. In reference to continuation vehicles (CVs), which statement best reflects the article’s position?

CVs allow managers to roll accrued carry into new vehicles, aligning their interests with investors

CVs are used solely to prolong ownership of underperforming assets

The majority of CV opportunities are found in the large-cap segment

CVs usually result in lower returns than traditional buyouts

Fixed Income: Kellie Wood

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* 11. What is a defining characteristic of the new "fiscal dominance" macro regime described in the article?

Central banks strictly controlling inflation with minimal government involvement

Collapse of public sector debt and widespread austerity

Fiscal policy driving macroeconomic outcomes and central banks taking a supporting role

Governments universally cutting back on strategic spending

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* 12. According to the article, why are real yields expected to remain higher for longer in this regime?

Central banks are prioritising low inflation above all else

Inflation is fully under control and interest rates are dropping rapidly

Persistent fiscal expansion requires economies to grow faster than interest rates to ensure debt sustainability

All asset classes are moving in perfect correlation

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* 13. What impact has the new macro regime had on the defensive role traditionally played by bonds in portfolios?

Bonds now always provide perfect downside protection in all market conditions

Central banks guarantee all bond returns regardless of inflation

Bonds should be avoided as they no longer have any value in portfolios

The negative correlation between equities and bonds is less reliable, especially during inflationary shocks

Global Equities: Ben Arnold

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* 14. According to the article, what is one key risk associated with the current wave of AI investment by mega-cap technology companies?

The risk that CAPEX is building an AI bubble if promised productivity gains do not materialise

The likelihood that all companies will face strict global regulation

The certainty that AI will make all other sectors obsolete

The expectation that AI spending is only possible through high levels of debt

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* 15. What does the article suggest is becoming increasingly vital for global equity investors in the current environment?

Making large passive bets on index movements

Concentrating portfolios in US mega-cap technology stocks

Adopting a selective, company-focused investment approach

Only investing in government bonds

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* 16. Which scenario would be a warning sign ("canary") for problems in the AI value chain, according to the article?

Sustained AI investment funded directly from free cash flow

AI businesses rapidly increasing leverage to fund capital expenditure

Increasing demand for advanced chips and data centres

Higher profitability from improved ad targeting

Issued by Schroder Investment Management Australia Limited (Schroders), ABN 22 000 443 274, AFSL 226473

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